The value of trust

State sponsored cyber attacks such as Russia's hacking of the US Democratic National Convention and China's attacks on the Australian Government have highlighted the increasing frequency and severity of ideological attacks on democratic institutions. Similarly, Donald Trump's electoral campaign used 'fake news' to whip up hysteria and disenchantment with the government. These attacks have continued even after the election. In December, Michael G. Flynn, a member of Trump's transition team and the son of his national security advisor, was attributed as the author of fake news stories suggesting that Hillary Clinton was running a child sexual exploitation ring that instigated the 'Pizzagate' scandal.

These practices represent a serious and disturbing trend. Our society and our economy depend on trust. If cynical politicians, authoritarian governments and terrorists are successful in undermining our trust in the government then this will also damage private enterprise and democracy. Economic and political participation is vital for stability and growth. Global trade and investment is already slowing and geopolitical tensions are mounting. If we want to continue to enjoy the benefits of global growth and stability then we need to defend their foundations. We need to focus on:

• Strengthening our economic and political processes through transparent and accountable processes
• Promoting the rule of law, both domestically and internationally
• Encouraging independent commentary and oversight

2017 will be a critical year. President Trump will inherit a complex set of economic and strategic challenges. Instability is mounting in many developing countries. China will continue to confront slowing growth and the need to privatise its economy. There will be key elections in Europe. In all of these challenges, trustworthy information and governance will be vital.